Altor Fund III and Bure Equity have signed an agreement to acquire Max Matthiessen, an independent Swedish adviser on pension insurance, life insurance and long-term savings, from the S
Altor Fund III and Bure Equity have signed an agreement to acquire Max Matthiessen, an independent Swedish adviser on pension insurance, life insurance and long-term savings, from the Swedish National Debt Office.
As part of the transaction, key employees of Max Matthiessen will be offered the opportunity to become co-owners in the company.
The current management team led by the chief executive Christoffer Folkebo, will remain in place.
Max Matthiessen will remain an independent company directly owned by key employees, Altor and Bure.
The total purchase consideration for all shares in Max Matthiessen is SEK500m, to be adjusted for any dividends paid prior to closing. SEK150m of the purchase consideration will be paid with interest at the latest on 30 April 2010.
Altor and Bure have also entered into an agreement with the National Debt Office to acquire all shares in Carnegie Investment Bank, an independent Nordic investment bank.
Harald Mix, managing partner at Altor Equity Partners (pictured), says: ‘We are very pleased to have reached an agreement to acquire Max Matthiessen together with key employees and are excited about working with Christoffer Folkebo and his team to further develop the business. Max Matthiessen is the clear market leader and we believe the Company, through focus on innovation and further building on its customer base, can continue to grow strongly in the future.’
Patrik Tigerschiöld, chairman of Bure, says: ‘Max Matthiessen is the leading independent pension, insurance and savings adviser in Sweden and we feel privileged to be part of the business going forward. Altor and Bure represent long-term owners and it is our firm belief that, together with management, we will be able to contribute to further strengthening Max Matthiessen’s unrivalled franchise in its field.’
Folkebo adds: ‘I am confident that Max Matthiessen will continue to offer the most competitive client solutions and further strengthen our leadership in the market. I am excited about embarking on the next phase of the Company’s development and look forward to having Altor and Bure as long-term co-owners alongside our key employees.’
Max Matthiessen will be acquired through a holding company owned 65 per cent by Altor and 35 per cent by Bure, and a holding company owned by key employees of Max Matthiessen.
The transaction is expected to close within three months subject to customary conditions, including regulatory approvals, as well as Altor and Bure closing the acquisition of Carnegie.
